A sample 'To-Do' list (in no particular order):
Find a (cheap) place to keep her, and get her there in one piece, right-side-up, and afloat.
Clean off mud, bird crap, sea life (flora and fauna), remove same from internal spaces as well.
Remove, inspect, clean/replace, rebed *all* deck hardware & fittings, up to and including chainplates.
Remove & replace *all* wiring and electrical fittings.
Inspect/dry/repair/remove/replace *all* submerged wooden parts, up to & including cores.
Unmount, clean/lube, rebed *all* mechanical devices.
Replace missing hatches, fittings, furniture, compass, radio...
Bring her up to meet at least minimal Coast Guard specs.
Get licenses/registrations/effluvial bureaucratic minutiae covered.
...and then you can start trying to make her look pretty again: paint, varnish, new sails, new rigging...
If you did not already have a working boat (fix that trailer yet?
), I might say take a chance on this one,- but I'm thinking you can do better. Sail your boat, make lists of what you like & what you'd like to change on your next boat.